The Groton Company produces engine parts for car manufacturers. A new accountant intern at Groton has accidentally deleted the calculations on the company's variance analysis calculations for the year ended December 31, 2017. The following table is what remains of the data. E: (Click the icon to view the data.) Read the requirements Requirement 1. Calculate all the required variances. (If your work is accurate, you will find that the total static-budget variance is $0.) Begin with the flexible budget columns, then the sales volume variance column. Label each variance as favorable (F) or unfavorable (U). (For variances with a $0 balance, make sure to enter "0" in the appropriate field. If the variance is zero, do not select a label your answers to the nearest whole dollar.) Actual Flexible Flexible-Budget Variance Data table Budget Results 110,000 Units sold Revenues (sales) $ 687,500 480,000 Variable costs Contribution margin Performance Report Year Ended December 31, 2017 Flexible-Budget Flexible Variances Budget Actual Sales-Volume Static 207,500 148.900 Fixed costs Variances Results 110,000 Budget 96,000 $ 58,600 Units sold Operating income Revenues (sales) $ $ 687,500 480,000 393,600 240,000 Variable costs Requirements Contribution margin 207,500 148,900 58,600 153,600 95,000 Fixed costs $ $ 58,600 Hel Operating income in: Calculate all the required variances. (If your work is accurate, you will find that the total static-budget variance is $0.) 2. What are the actual and budgeted selling prices? What are the actual and budgeted variable costs per unit? 3 Review the variances you have calculated and discuss possible causes and potential problems. What is the important lesson learned here? Print Done